The founders of India's Suzlon Energy Ltd are looking to raise up to $48 million through the sale of 30 million shares or a stake of 2 percent in the world's fifth-largest wind turbine maker, sources said on Tuesday.

The deal opened on Tuesday evening and the sources said the founders were looking to get 75.5 rupees to 79 rupees a share in the deal.

Suzlon shares rose 8 percent to 80.85 rupees on Tuesday to their highest close in nearly seven months in a Mumbai market that rose 4.1 percent to its highest close since early October.

Citigroup is the sole bookrunner for the deal, the sources said.

One source said the sale was targeted at institutions.

Another source said the proceeds would be used to repay a loan for which shares were pledged against, and also to pay for a wind farm the founders were buying.

Suzlon's founding Tanti family and firms run by them own 65.83 percent of the company, stock exchange filings show. Holdings equal to 43.22 percent of the company were pledged by the founders against loans at end March, the filings showed.

Shares in Suzlon, which the market values at around $2.5 billion, have risen 29.8 percent in 2009 compared to a 26 percent rise in the benchmark index.

Suzlon shares tumbled 83.9 percent in 2008, hit by quality woes, tight liquidity and a plunge in the broader market.

($1=49.3 rupees)

(Reporting by Narayanan Somasundaram; Editing by John Mair)

India